Technip to form downstream engineering venture with Russian group Rostec

The joint venture agreement, aimed at improving the construction and renovation of refining and petrochemical units in Russia, was signed with Rostec subsidiary Rustechexport. The two companies are also aiming to establish a joint venture to manufacture flexible pipelines and umbilicals in Russia.

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France-based Technip will form a jointly-owned company
with State Corporation Russian Technologies (Rostec) to
provide engineering, design, and turnkey construction for oil refinery, petrochemical and gas chemical
production projects in Russia, officials said
on Friday.

The joint venture agreement, aimed at improving the construction and renovation of refining and petrochemical units in Russia, was
signed with Rostec subsidiary Rustechexport.

"The agreement signed with Rustechexport regarding
onshore activities is completely in line with our business
strategy of focusing on developing our strengths, notably
engineering and project management capabilities as
well as project delivery skills," said chief
operating officer Philippe Barril.

The deal includes facilities required for offshore oil
field operations.

"Cooperation with Rostec offers new business development
opportunities for Technip in the Russian oil and gas market,"
said Technip CEO Thierry Pilenko. "We are delighted to
reinforce a long-term industrial footprint in the
country."

The two companies are also aiming to
establish a joint venture to manufacture flexible
pipelines and umbilicals in Russia. These would be used in the
Russian Arctic and Black Sea for use in water depths up to 3000
meters.

The agreements were signed during an official meeting
between François Hollande, President of the French
Republic, and Vladimir Putin, President of the Russian
Federation, held Thursday in Moscow, Russia.

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